0 Real Estate The fair market rent for a two-bedroom rental increased from the previous year. Local Data , Patch Staff Posted Reply HYDE PARK, IL — Home prices in the United States have risen dramatically in large swaths of the country, but the same can’t be said for all rentals. While rents for single-family homes have experienced big increases as renters and buyers compete for the same limited quantity of homes on the market, apartment rents haven’t increased as swiftly. In Hyde Park, the fair market rent estimate for a one-bedroom rental property in ZIP code 60615 increased from $1,230 in fiscal year 2020 to $1,270 in fiscal year 2021, while a four-bedroom rental increased from $2,160 to $2,230. Fiscal year 2021 runs from October 2020 to the end of September 2021. The U.S. Department of Housing and Urban Development provides data for all U.S. communities on fair market rents, which are estimates of the rent paid for a modest dwelling by someone who recently moved into the market, including such items as essential utilities. The numbers given are for the 40th percentile, meaning that 40 percent of renters would pay less than this figure. Below are fair market… Read full this story
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